46 CFR § 540.7 - Evidence of financial responsibility.

---
identifier: "/us/cfr/t46/s540.7"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "46 CFR § 540.7 - Evidence of financial responsibility."
title_number: 46
title_name: "Shipping"
section_number: "540.7"
section_name: "Evidence of financial responsibility."
chapter_name: "FEDERAL MARITIME COMMISSION"
subchapter_number: "B"
subchapter_name: "REGULATIONS AFFECTING OCEAN SHIPPING IN FOREIGN COMMERCE"
part_number: "540"
part_name: "PASSENGER VESSEL FINANCIAL RESPONSIBILITY"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "5 U.S.C. 552, 553; 31 U.S.C. 9701; 46 U.S.C., 44101-44106, 46105."
regulatory_source: "49 FR 36313, Sept. 14, 1984, unless otherwise noted."
cfr_part: "540"
---


# 540.7 Evidence of financial responsibility.

Where satisfactory proof of financial responsibility has been established:

(a) A Certificate (Performance) covering specified vessels shall be issued evidencing the Commission's finding of adequate financial responsibility to indemnify passengers for nonperformance of water transportation.

(b) The period covered by the Certificate (Performance) shall be five (5) years, unless another termination date has been specified thereon.

[78 FR 13278, Feb. 27, 2013]